For reporters used to the profession’s usual cautious pronouncements, it is striking how enthusiastic California lawyers are about the outlook; in the Bay Area you can forget the caveats that still dominate in New York and London. ‘We are in this extraordinary period of extended boom,’ says Cooley’s San Francisco corporate partner Rachel Proffitt. ‘We …
The newly-installed British Government led by Conservative Prime Minister Boris Johnson will see a barrister take the role of Justice Secretary after Robert Buckland QC was appointed to replace David Gauke. Johnson announced Buckland’s appointment on Wednesday (24 July) as part of the new Prime Minister’s sweeping cabinet shake-up that saw all but four of …
RPC has reported revenues of £108.6m for its legal business for 2018/19 after selling half of its management consulting arm. The firm, which offloaded 50% of RPC Consulting to software company Marriott Sinclair in April 2018, announced today (25 July) that both like-for-like revenue and net profit for its legal arm alone rose 4% in …
Baker McKenzie has become the latest law firm to put its newly-qualified (NQ) solicitors in line for a six-digit pay package with an eye-catching 23% increase to its starting rates. The firm announced today (17 July) it is raising its basic NQ package from £77,000 to a minimum of £95,000, with performance-related bonuses bringing earnings …
Continue reading “Baker McKenzie steps up to associate pay war with 20% NQ salary uplift”
Linklaters has posted the strongest financial performance of its peer group with a 7% revenue uptick to £1.63bn and double-digit profit growth. The results today (11 July) show profit per equity partner (PEP) at the Magic Circle law firm rose 10% to £1.7m in 2018/19 after being flat in a mixed 2017/18.
City stalwart Macfarlanes has posted a mixed bag of financial results as the ninth consecutive year of revenue growth failed to translate into a rise in profit per equity partner (PEP) following last year’s 26% surge to £1.74m. The results announced today (10 July) show turnover grew 8% to £216.98m in 2018/19, a significantly slower pace …
Continue reading “Macfarlanes’ revenue continues to defy gravity but PEP holds steady”
Norton Rose Fulbright (NRF) is making an ‘offensive move’ against the Big Four on legal operations consulting with the hire of the well-regarded former Barclays’ head of external engagement, Stéphanie Hamon (pictured). The firm announced today (9 July) that Hamon, who quit the bank earlier this year, will join as a fee-earner in August to head …
Global traveller Bird & Bird has recorded its 28th consecutive year of revenue growth, hiking its top line 7% to £361m in 2018/19 as profit per equity partner (PEP) rose 4% to £575,000. Announced today (9 July), the results show the pace of growth slowed down in sterling terms compared to last year’s 11% uptick …
Continue reading “Revenue continues to fly at Bird & Bird as PEP growth lags behind”
Clifford Chance (CC)’s managing partner Matthew Layton spoke of ‘times of investment’ and pointed to his firm’s four-year performance after it followed up on last year’s strong financials with a muted 1% rise in profit per equity partner (PEP) to £1.62m. Kicking off Magic Circle law firms’ financial reporting season for the second year in …
Baker McKenzie has promoted 81 lawyers to partners, continuing a trend which saw several law firms increase their intake this year. The number of promotions announced today (27 June) and effective from 1 July is 19% up on last year’s scaled back round, which saw 68 minted, and is also up by one on 2017.
